Oil prices continued to rally on Thursday, with both US oil and Brent crude jumping over 2 percent.

According to media reports, OPEC members and Russia had agreed to meet in March to discuss capping crude production at January levels.

The West Texas Intermediate for April delivery moved up $0.92 to settle at $33.07 a barrel on the New York Mercantile Exchange, while Brent crude for April delivery climbed $0.88 to close at $35.29 a barrel on the London ICE Futures Exchange.